BNB price is showing bearish signs below the $600 level. The price must settle above the $575 and $585 resistance levels to gain bullish momentum.
BNB price started a fresh decline after it failed to clear the $600 resistance zone.
The price is now trading below $585 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $575 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could gain bullish momentum if it clears the $585 resistance zone.
BNB Price Dips Again
After a decent increase, BNB price struggled near the $600 resistance. As a result, there was a bearish reaction below the $585 support, like Ethereum and Bitcoin.
The price dipped below the $575 support and the 100 simple moving average (4 hours). It traded as low as $561 and is currently consolidating losses. There was a minor upward move above the $565 level. The price tested the 23.6% Fib retracement level of the downward move from the $600 swing high to the $561 low.
It is now trading below $585 and the 100 simple moving average (4 hours). Immediate resistance is near the $575 level. There is also a key bearish trend line forming with resistance near $575 on the hourly chart of the BNB/USD pair.
The next resistance sits near the $585 level or the 61.8% Fib retracement level of the downward move from the $600 swing high to the $561 low. A clear move above the $585 zone could send the price higher.
In the stated case, BNB price could test $600. A close above the $600 resistance might set the pace for a larger increase toward the $650 resistance. Any more gains might call for a test of the $680 level in the coming days.
More Losses?
If BNB fails to clear the $575 resistance, it could continue to move down. Initial support on the downside is near the $560 level.
The next major support is near the $550 level. The main support sits at $532. If there is a downside break below the $532 support, the price could drop toward the $510 support. Any more losses could initiate a larger decline toward the $500 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $565, $550, and $532.
Major Resistance Levels – $575, $585, and $600.
